DD's Returned

dottyanne

Ok, many of you will have read my posts and threads etc.......anyway the inevitable has happened and i'm about £1000 down to cover my DD's for mortgage, loans etc..my main concern is the mortgage, this is the third time ive been late but always caught up - this wont be a major problem again but how do i stop this cycle happening again.........if i'm playing catch up (again) how will i have the money for them again at the end of April???

Help me please??

D&DD

Morning Dotty I think its gonna take a while for things to even out..Are you making savings anywhere on your SOA that can be put into a seperate account for next months bills?
I,personally would throw myself on the mercy of my creditors this month and just tell them what a mess you're in see if any will accept reduced payments/deferred payments this month with a view to a fresh start next month..if you are sure next month will be ok?Have you asked anyone yet wether they will consider this??

CLAPTON

you must prioritise your debts to ensure you pay the important ones and default on the others, key debts are mortgage, secured loans,council tax,inland revenue, utilities.
if necessary cancel other DD and only pay them if you have enough money, if you are going to default on your bank or any debts associated with your bank, open another a/c elsewhere and move your money there otherwise they will take it anyway.

i havn't fully followed all the other threads but it seems to me your business is not making enough money so no amount of 'managing your money' is any use if you dont have enough to manage. the money you 'pay' your OH and yourself isn't actually there. you must sort out whether the business is making money and how much. if it isnt then you must both get a paying job. sorry but that how i see it.

dottyanne

Hi all - thanks for posting, right decision time - this month at least i'm gonna stick to my new budget and sort out arrears with my creditors and then see where i am with the business etc. If it's a quastion (as it was in the past) of me just dipping in and spending money willy nilly then i think the business has a iar chance - we went on holiday twice within 11 months last year (i know im a bad person) but that wont be happening again - i assure you - so you see its my inability and stupid money management that have got me where i am today not a lack of earning power - well i can but try.....will keep you all posted tho.

lynzpower

Good for you Dotty x best of luck with it

dottyanne

Thanks for the moral suppot Lynz- will keep you updated, xx

Broken_hearted

Agree with clapton move accounts there is no point being stuck in a cycle of debt on one account. Good luck.

dottyanne

I have another account, a cash account - do you think i should move all DDs to there and just leave the RBS account - which is a switch card etc?? The RBS has the 4K overdraft. However i need a switch card so how do i amange this or is it best to work my way up to one with LLoyds (cash account)?

D&DD

Hi Dotty yes if the lloyds doesnt give you a switch card thats no bad thing stops you spending the bill money! Switch your dd's there if only for the time being and shovel enough in to cover everything so no more charges for bounced DD's either

D&DD

Hey have you seen the DFW's grocery challenge up there?? Might help with some cheap meals

dottyanne

Hi D&DD, going to clear out my cupboard this week and use up what weve got - theres gotta be so many ways to cook potatoes!! Really fed up today - the arrears are biting me on the bum and i dont know what to do??? xx